The former Chief Operating Officer Marcelo Claure, a former Chief Operating Officer, has been awarded severance and incentives worth $94 million as part of his compensation from the tech investment giant.
Claure left SoftBank in January with a severance of 4.6 billion yen $34 million, the company said in a filing on Friday. His compensation also includes another 8.1 billion yen - the estimated value of the executive portion in an incentive program as of March. Claure has a claim to 30% of the employee incentive pool for the Vision Fund's Latin America fund, which could run through 2029.
Claure's departure put an end to a tumultuous tenure capped by a dispute over compensation with founder Masayoshi Son. Claure had sought more authority and as much as $1 billion in compensation in recognition of his work.
After selling his cellphone distributor to SoftBank, the 51 year-old Claure became one of Son's top lieutenants and became COO in 2018. He was the company's operational guru, helping to turn around the U.S. wireless carrier Sprint Corp. and the troubled co-working startup WeWork.
In recent months a series of high-profile exits have followed Claure's retirement. Michel Combes, who took over Claure's responsibility for SoftBank Group International and was in charge of SBGI's operating and investment portfolio, will leave the post as of June 30, the company said this week. In April, two of the three managing partners at the company's Latin America Fund left to start their own venture business.
The operator of the Vision Fund, the world's largest investor in tech startups, is struggling to regain its footing due to a drop in tech valuations that resulted in a record loss for the company in the quarter ended in March. Its own shares have lost 33% from a year ago, wiping out $35 billion in value.
There is no age of credibility for central banks that is over.